The Creative Investor - You Need Capital....No Matter What People Say!!

I have been trying to obtain financing for a 6 unit commercial building for $140,000 I have been looking to purchase. I have been in contact with banks and mortgage lenders, and both have denied me and my partner for lack of capital and collateral. My partner even has equity in a second home that he rents out, and that still wasn't enough. I guess I am a bit bitter this morning because all I hear from this site and everywhere is that you can get into property with No Money, No money , No money! But the bottom line is YOU NEED CAPITAL!!
The only good thing I guess

I have going is that my credit is excellent (above 700), but as I said, this didn't get me the loan. Maybe it's the fact that this is my first purchase which turned creditors away? Maybe I should look at something cheaper and smaller to start out with?

I guess I need to re-think my investing strategy and go for something a little less. I am thinking I need to build up my capital reserves first BEFORE attempting to purchase commercial property of that price. I plan on doing that through cheaper, single, residentials , rehabs, foreclosures and even a flip here and there. Then I can start purchasing those long term investments that will build for the future.

As I said, I am somewhat frustrated today with REI, but I am not giving up!!! I will continue to pursue my dream. I heard a quote one time that went something like, "A successful person fails 99 times...but may succeed on the 100th time!"

I am open to any other suggestions out there or directions I can take in this biz!

Thank you all for letting me vent on here...I feel better :-)

Chris G.